The Global autonomous car market was valued at USD 24.1 billion in 2022 and is expected to reach USD 66.5 billion by 2030, growing at a CAGR of 22.5% during the forecast period.

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The market growth is attributed to various factors such as increasing demand for safety features in vehicles, rising investment in autonomous vehicle technology, and the development of smart infrastructure. Additionally, the increasing popularity of ride-sharing services is also driving the growth of the autonomous car market.

Market Dynamics

Increasing demand for safety features: The rising concern for safety in vehicles is one of the major driving factors for the growth of the autonomous car market. Autonomous cars are equipped with advanced sensors, cameras, and radar systems that help in identifying potential risks and hazards on the road, thereby reducing the chances of accidents.

Rising investment in autonomous vehicle technology: The increasing investment in autonomous vehicle technology by automotive manufacturers and technology companies is driving the growth of the market. These companies are investing heavily in research and development to develop advanced self-driving technology that can improve the overall driving experience.

High development and production costs: Developing and producing autonomous cars requires a significant amount of investment, which can be a restraining factor for smaller automotive manufacturers and startups. Additionally, the high cost of autonomous technology can make the price of autonomous cars unaffordable for many consumers.

Lack of infrastructure: The lack of infrastructure, including charging stations and smart highways, can be a restraining factor for the growth of the autonomous car market. Autonomous cars require a robust infrastructure to operate effectively, and the absence of such infrastructure can limit their growth potential.

Safety concerns: Ensuring the safety of passengers and other road users is a critical challenge in the development of autonomous cars. Even minor failures in autonomous technology can result in accidents, leading to safety concerns.

Technical complexity: Autonomous technology is complex and requires high computational power, advanced sensors, and sophisticated algorithms to operate effectively. This complexity can pose a significant challenge to automotive manufacturers and technology companies developing autonomous cars.

The software segment includes algorithms, artificial intelligence, machine learning, and other software components that are required for the functioning of autonomous cars. The software is responsible for processing data collected by sensors and making decisions in real-time situations.

The services segment includes maintenance and support services, consulting and training services, and other related services that are required for the development and adoption of autonomous cars. These services are essential for the efficient operation and maintenance of autonomous cars.

The hardware segment is expected to hold the largest share of the market due to the critical role of hardware components in the functioning of autonomous cars. The increasing demand for sensors and other electronic components required for the functioning of autonomous cars is expected to drive the growth of the hardware segment.

The personal mobility segment includes autonomous cars that are designed for individual use, such as personal vehicles. This segment is expected to hold a significant share of the market due to the increasing demand for personal autonomous vehicles.

The commercial mobility segment includes autonomous cars that are designed for commercial use, such as ride-sharing services, delivery services, and public transportation. This segment is expected to grow at a significant rate due to the increasing demand for on-demand mobility services and the development of smart cities.

The personal mobility segment is expected to hold a larger share of the market due to the increasing demand for personal autonomous vehicles. The development of advanced autonomous technology and the increasing availability of self-driving cars is expected to drive the growth of the personal mobility segment.

Regional Analysis

Geographically, North America is expected to dominate the market during the forecast period due to the presence of key market players and increasing government initiatives to support the adoption of autonomous vehicles. However, the Asia-Pacific region is expected to witness significant growth due to the increasing demand for luxury vehicles and the growing popularity of ride-sharing services in the region.

Asia-Pacific is expected to grow at the highest rate due to the increasing adoption of self-driving cars and the development of smart cities in the region. The increasing demand for on-demand mobility services in countries like China, Japan, and South Korea is also expected to drive the growth of the market in the Asia-Pacific region.

Latin America is expected to grow at a significant rate due to the increasing demand for self-driving cars and the development of smart transportation infrastructure in the region. The growth of the market in Latin America is also expected to be driven by the increasing demand for on-demand mobility services in countries like Brazil and Mexico.

Competitive Analysis

In March 2021, Waymo announced a partnership with Jaguar Land Rover to develop autonomous cars using Waymo's self-driving technology.

In January 2021, Cruise, a subsidiary of General Motors, received a $2 billion investment from Microsoft, Honda, and other investors to develop self-driving cars.

In July 2021, Ford and Argo AI announced a partnership with Lyft to launch a self-driving ride-hailing service in Miami and Austin.

In March 2021, Intel announced a partnership with the Israeli tech company Mobileye to develop self-driving car technology.

In September 2020, Nvidia announced that it was acquiring Arm, a British chip designer, for $40 billion in order to develop its artificial intelligence and autonomous driving capabilities.

In January 2021, Baidu and Geely announced a partnership to develop autonomous driving technology and smart cars.

Aptiv and Hyundai: In September 2020, Aptiv announced a partnership with Hyundai to develop autonomous driving technology and a joint venture to produce self-driving cars.

Segmentation Analysis of The Global Autonomous Car Market 2022-2030

The report forecasts revenue growth at global, regional, and country matrics and analyzes the latest industry trends in each of the sub-segments ranging from 2016-2030. For this, CDI has segmented the global Autonomous Car market report based on capacity, vehicle, application, and propulsion type along with regional analysis.

Component Outlook (Revenue, USD Million, 2018 - 2030)

• Camera Unit
• LiDAR
• Radar Sensor
• Ultrasonic Sensor
• Infrared Sensor

Mobility Outlook (Revenue, USD Million, 2018 - 2030)

• Shared Mobility
• Personal Mobility

Electric Vehicle Outlook (Revenue, USD Million, 2018 - 2030)

• Battery Electric Vehicles 
• Hybrid Electric Vehicles
• Plug-in Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Mode of Purchase Outlook (Revenue, USD Million, 2018 - 2030)

• Prescribed
• Non-prescribed (OTC)

Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• Institutional Sales
• Retail Sales

Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America